Kuwait, Bahrain banks go SWIFT

MUMBAI, INDIA: Globsyn Infotech Limited has bagged the order for migrating Bank of Bahrain & Kuwait from their existing SWIFT Alliance to TurboSWIFT for connecting to the SWIFT Network (Society for Worldwide Interbank Financial Telecommunication). There are currently 12 banks in India, using the TurboSWIFT suite of products to connect to the SWIFT network. Across the world over 400 banks use the TurboSWIFT suite to connect to the SWIFT network, tells a press note.

TurboSwift, as the company tells, is a full-featured and SWIFT certified messaging interface (CBT) used at various banks around the world for secure messaging of international funds transfer (Forex), conforming to the SWIFT standard. SWIFT is the industry-owned co-operative, which provides secure, standardised messaging services and interface software to over 8,100 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers.

Bikram Dasgupta, Chairman & CEO, Globsyn Infotech Limited said, “We feel proud to be associated with Bank of Bahrain & Kuwait in yet another area of their operations, and be a vital part of their FOREX operations. With our experience in payment solutions, this added association with the Bank of Bahrain & Kuwait has helped us strengthen our clientele in the global circuit FOREX operations. We are confident that Globsyn suite of products will enhance operational and service range of Bank of Bahrain & Kuwait. Bank of Bahrain and Kuwait also marks our entry in the space of enabling payment systems for Foreign banks in India.”

For Bank of Bahrain & Kuwait, which is already using the Treasury suite I.T.M.S. from Globsyn Infotech Limited, the advantage of migrating from SWIFT Alliance to TurboSWIFT is a quantum leap in functionality and technology, while reducing cost of operations of the SWIFT service. With this enhanced software both – Mumbai and Hyderabad branches of the bank are now connected to the SWIFT network with room for adding branches, in future. Hitherto, the SWIFT connection was restricted to the Mumbai branch only.

TurboSwift from Bankserv is their flagship product suite, widely implemented in payment hubs in various banks in India.  Globsyn Infotech Limited has been the Indian partner for Bankserv for over a decade now. Today TurboSwift Suite of products is not only more cost effective but is also saves on their Annual Maintenance Cost as compared to alternate solutions available. All in all this also provides better technology and added features when compared to other solutions.